Floor Talk February 20
At the close:
At the close, the March corn futures settled 2¢ lower at $3.65 1/2. May futures finished 1 1/4¢ lower at $3.73 3/4. March soybean futures ended 5¢ higher at $10.26 1/2. May soybean futures closed 5¢ higher at $10.37 1/2. March wheat futures ended 8 1/2¢ lower at $4.49 1/2. May soy meal futures settled $3.30 per short ton higher at $379.30. January soy oil futures closed 0.31 higher at 32.04¢ per pound. In the outside markets, the NYMEX crude oil market is $0.17 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 160 points lower.
At mid-session, the March corn futures are 1/2¢ higher at $3.68. May futures are 1¢ higher at $3.76. March soybean futures are 9 3/4¢ higher at $10.31. May soybean futures are 9 1/2¢ higher at $10.42. March wheat futures are 5 1/2¢ lower at $4.52. May soy meal futures are $6.10 per short ton higher at $382.10. January soy oil futures are 0.16 higher at 31.89¢ per pound. In the outside markets, the NYMEX crude oil market is $0.42 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 75 points lower.
In early trading, the March corn futures are 2¢ higher at $3.69. May futures are 2 1/4¢ higher at $3.77. March soybean futures are 13 1/2¢ higher at $10.35. May soybean futures are 13 1/4¢ higher at $10.45. March wheat futures are 1/4¢ lower at $4.57. May soy meal futures are $7.00 per short ton higher at $383.00. January soy oil futures are 0.12 higher at 31.85¢ per pound. In the outside markets, the NYMEX crude oil market is $0.15 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 193 points lower.
Soybeans jumped overnight on renewed concerns about Argentina weather as new maps show little relief for dry areas. Combined with dry weather in the southern Plains, where rain hasn't fallen for at least three months, according to the NWS, and overnight prices were well higher. Soybeans surged by 15 cents, corn added 2 cents and wheat was up 3-4 cents. The dollar also rose this morning by 0.6%. University of Illinois ag economist Todd Hubbs said in a report, however, that price gains likely won't extend into the 2018-2019 marketing year that starts on Sept. 1 if production and consumption expectations hold. Inventories are expected to increase unless there are output problems or exports increase greatly, said Hubbs, who projects prices in the next marketing year will average $9-$9.20 a bushel. In weather news, the large winter storm wreaking havoc on the Midwest continues today. An ice storm warning is in effect for the greater Kansas City area, and ice is falling in much of southern Wisconsin and northern Illinois this morning. Commuting will not be fun. Check out all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-february-20.
Brent Crude Oil = down 0.7%.
West Texas Intermediate = up 0.6%.
Dollar = up 0.6%
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks lower overnight.
Re: Floor Talk February 20
My super rain gauge (without the center tube) collected .27" of moisture after I thawed the ice. Roads are slick but traffic moving. I observed northern Illinois and Indiana had some heavy-2-3- even 4 inches of rain. Wonder if the ground is frozen there? Any erosion? Would be nice if some of that rain would move 800 miles SW.